As you can see, BTC seems to have found a bottom and is working it's way upward.
Having already breached the SMA 25 (4H) chart, it is hovering over the SMA 50. This, is still short (by around $700) of a cross of the SMA 200. This barrier has been a tough one for BTC to break but, if broken soon, could lead to a lot of optimism in the space.
Until the SMA 50 is broken is a serious manner, I will still remain hesitant. There are many traders on this site who have some incredible technical tools and use this to their advantage, I prefer to keep everything much more simple.
-- Legend --
SMA 25 - Purple
SMA 50 - Blue
SMA 200 Red
Having already breached the SMA 25 (4H) chart, it is hovering over the SMA 50. This, is still short (by around $700) of a cross of the SMA 200. This barrier has been a tough one for BTC to break but, if broken soon, could lead to a lot of optimism in the space.
Until the SMA 50 is broken is a serious manner, I will still remain hesitant. There are many traders on this site who have some incredible technical tools and use this to their advantage, I prefer to keep everything much more simple.
-- Legend --
SMA 25 - Purple
SMA 50 - Blue
SMA 200 Red
Comment:
BTC bounced off of the SMA 50; this could lead to downward pressure. As mentioned above, if there is no serious breach of this level it could be very difficult to see upward movement.